The Conference Board Leading Economic Index for the U.S. increased 0.7 percent in May to 123.1, following a 0.7 percent increase in April, and a 0.4 percent increase in March.

“The U.S. LEI increased sharply again in May, confirming the outlook for more economic expansion in the second half of the year after what looks to be a much weaker first half,” said Ataman Ozyildirim, director, business cycles and growth research at The Conference Board. “While residential construction and consumer expectations support the more positive outlook, industrial production and new orders in manufacturing are painting a somewhat more mixed picture.”

The Coincident Economic Index increased 0.1 percent in May to 112.1, following a 0.2 percent increase in April, and no change in March.

The Lagging Economic Index increased 0.2 percent in May to 117, following a 0.2 percent increase in April, and a 0.5 percent increase in March.